Houston – Lodginghttp://lodgingmagazine.com
Official Publication of the AH&LAFri, 09 Dec 2016 20:22:37 +0000en-UShourly1https://wordpress.org/?v=4.6.1Pipeline Growth Continues in Houston and Dallashttp://lodgingmagazine.com/pipeline-growth-continues-in-houston-and-dallas/
http://lodgingmagazine.com/pipeline-growth-continues-in-houston-and-dallas/#respondTue, 06 Dec 2016 14:31:49 +0000http://lodgingmagazine.com/?p=28542With 169 projects/19,885 rooms in the total construction pipeline, Houston has the second largest pipeline in the country, following New York City, according to Lodging Econometrics. Of all markets, Houston has the most projects scheduled to start construction in the next 12 months with 87 projects/9,627 rooms, over half of its total pipeline projects. Houston also has the most projects in early planning with 40 projects/4,252 rooms. The remaining 42 projects/6,006 rooms are presently under ...

]]>With 169 projects/19,885 rooms in the total construction pipeline, Houston has the second largest pipeline in the country, following New York City, according to Lodging Econometrics.

Of all markets, Houston has the most projects scheduled to start construction in the next 12 months with 87 projects/9,627 rooms, over half of its total pipeline projects. Houston also has the most projects in early planning with 40 projects/4,252 rooms. The remaining 42 projects/6,006 rooms are presently under construction.

With its total pipeline continuing to grow, Houston is an upward trending market that will likely soon top its previous peak of 171 projects reached in 2008.

Dallas has the third largest pipeline in the country, Lodging Econometrics reports. With 131 projects/15,819 rooms in the total pipeline, it increased by 25 projects or 24 percent year-over-year (YOY).

There are 51 projects/6,283 rooms under construction up 22 projects, or 76 percent YOY. Those scheduled to start construction in the next 12 months are at 57 projects/7,281 rooms adding 13 projects, an increase of 30 percent YOY. Projects in early planning are at 23 projects/2,255 rooms, down 10 projects YOY as older projects migrate up the pipeline toward construction.

]]>http://lodgingmagazine.com/pipeline-growth-continues-in-houston-and-dallas/feed/0The Developing Story: Houstonhttp://lodgingmagazine.com/the-developing-story-houston/
http://lodgingmagazine.com/the-developing-story-houston/#respondMon, 14 Mar 2016 13:10:00 +0000http://lodgingmagazine.com/?p=23769Home to more than 3,000 energy-related businesses, Houston, Texas, is well-known for its role as a hub for energy production in the United States. However, this market can be extremely volatile, and is currently in the midst of a downturn due to the plummeting price of oil (the cost of a barrel dropped more than 50 percent from June 2015 to January 2016). According to Randy McCaslin, SVP of the Southern Midwest at CBRE Hotels ...

]]>Home to more than 3,000 energy-related businesses, Houston, Texas, is well-known for its role as a hub for energy production in the United States. However, this market can be extremely volatile, and is currently in the midst of a downturn due to the plummeting price of oil (the cost of a barrel dropped more than 50 percent from June 2015 to January 2016).

According to Randy McCaslin, SVP of the Southern Midwest at CBRE Hotels Americas Research, the city’s current temporary downturn is not a reason for panic, it is simply a part of how the city’s economy operates. “It’s not a recession, more a two-, three-year temporary lull,” he explains. “So what you’re seeing is an oil boom, an oil bust, and an oil recovery. We predict numbers are going to bounce back in 2018 and 2019, but 2016 and 2017 are not going to be fun.” Buoying the city in this downturn is the fact that Houston is coming off of a period of financial prosperity, rather than continuing to slide down after shaky financial times. The city will also be hosting two major sporting events in the next two years—the Final Four and Super Bowl—drawing in travelers from all over the country.

In spite of Houston’s current energy-related economic struggles, hotel construction is booming there. McCaslin says many of the hotels currently in the pipeline are long overdue, as demand was up but there wasn’t any supply to meet it. “It may come as a surprise, but the Houston market has gone without updating its supply for quite some time,” he describes. “Houston is now developing its supply and filling its need for different types of hotels, such as convention center and luxury hotels. It is just unfortunate that all of this development began at the same time Houston’s main economic market started to take a downturn.”

McCaslin believes Houston hoteliers should view this market downturn as a chance to renovate their existing properties and put their best foot forward when the next upswing occurs. Ultimately, the hope is that completion of Houston’s various hospitality projects, coupled with the city’s eventual economic rise, will make the city stronger and more attractive to tourists.

Straight Talk on Houston
Scot Cotton, general manager of the Marriott Marquis Houston—a 1,000-room property due to open in the fall—says the current expansion of downtown Houston’s entertainment and nightlife scene, which was spurred on by the city’s announcement that it will host the 2017 Super Bowl, will bolster the hospitality market over the next several years. He describes the role the Marquis will play in Houston’s future.

» “Our property is acting as a catalyst for many of the changes that are happening downtown. If you walk around Houston right now, you can count anywhere from eight to 15 cranes and see all of these venues going up. The Houston Marquis is going to help drive this new activity that’s happening downtown and bring in additional demand.”

» ”We’re also right on top of Houston’s LightRail transit system, which connects the property to everything that is downtown Houston.”

» “With the Final Four in March and the Super Bowl next February, the goal is to get all new venues open by then. Then people get see how dramatically Houston has transformed.”

]]>http://lodgingmagazine.com/the-developing-story-houston/feed/0Home2 Suites Houston/Katy Openshttp://lodgingmagazine.com/home2-suites-houstonkaty-opens/
http://lodgingmagazine.com/home2-suites-houstonkaty-opens/#respondFri, 08 Aug 2014 15:42:45 +0000http://lodgingmagazine.com/?p=13434HOUSTON and MCLEAN, Va.—Home2 Suites by Hilton has opened its 39th hotel, Home2 Suites by Hilton Houston/Katy. This is the first property for the brand in the Houston area. “Houston is a metropolitan area that serves as a major opportunity for growth of this unique brand,” said Bill Duncan, global head, Home2 Suites and Homewood Suites. “It is an accomplishment to be able to open the doors of our first Home2 Suites in the area ...

]]>HOUSTON and MCLEAN, Va.—Home2 Suites by Hilton has opened its 39th hotel, Home2 Suites by Hilton Houston/Katy. This is the first property for the brand in the Houston area.

“Houston is a metropolitan area that serves as a major opportunity for growth of this unique brand,” said Bill Duncan, global head, Home2 Suites and Homewood Suites. “It is an accomplishment to be able to open the doors of our first Home2 Suites in the area and a testament to the growth of the brand overall. We are beyond happy to call Houston home and even more excited to say that the great state of Texas continues to show support of a brand that offers an innovative approach to the guest’s entire hospitality experience.”

The 92-suite hotel, located within an hour of the Houston Intercontinental Airport, offers easy access to restaurants, shopping, and entertainment such as: Katy Mills Mall, the Houston Zoo, and Space Center Houston. The hotel is owned by Shree Tirupati Balaji Inc. and managed by Integral Hospitality Solutions LLC.

“We are thrilled to be the first Home2 property in the Houston area,” said Richard Stewart, general manager, Home2 Suites by Hilton Houston/Katy. “With its family-focused, eco-friendly concept, we’re proud to offer the everyday valuable amenities guests need to make their stays enjoyable.”

]]>http://lodgingmagazine.com/home2-suites-houstonkaty-opens/feed/0Noble Acquires Hyatt Place Houston Sugar Landhttp://lodgingmagazine.com/noble-acquires-hyatt-place-houston-sugar-land/
http://lodgingmagazine.com/noble-acquires-hyatt-place-houston-sugar-land/#respondThu, 07 Aug 2014 16:41:21 +0000http://lodgingmagazine.com/?p=13414HOUSTON—Noble Investment Group today announced the acquisition of Hyatt Place Houston Sugar Land. The hotel, which opened in 2010, is located in the prominent Sugar Land area, which is southwest of downtown Houston. “The Houston MSA continues to be a national leader in economic, employment, and population growth,” said Rodney Williams, Noble’s managing principal and chief investment officer. “Development in the Sugar Land submarket, unlike most of Houston, is tightly controlled through specific zoning and ...

]]>HOUSTON—Noble Investment Group today announced the acquisition of Hyatt Place Houston Sugar Land. The hotel, which opened in 2010, is located in the prominent Sugar Land area, which is southwest of downtown Houston.

“The Houston MSA continues to be a national leader in economic, employment, and population growth,” said Rodney Williams, Noble’s managing principal and chief investment officer. “Development in the Sugar Land submarket, unlike most of Houston, is tightly controlled through specific zoning and development requirements; therefore, Hyatt Place Houston Sugar Land enjoys the premier select service location in a market with significant barriers to entry.”

The hotel features 214 guestrooms, a fully-equipped business center, a 24-hour fitness center and outdoor pool, free high-speed wireless Internet access, as well free breakfast for guests, a 24/7 freshly prepared foods menu, and a coffee to cocktails bar. The hotel also offers more than 6,000 square feet of meeting and boardroom space.

]]>http://lodgingmagazine.com/noble-acquires-hyatt-place-houston-sugar-land/feed/0Hyatt Place Opens Third Houston Area Hotelhttp://lodgingmagazine.com/hyatt-place-opens-third-houston-area-hotel/
http://lodgingmagazine.com/hyatt-place-opens-third-houston-area-hotel/#respondWed, 15 Jan 2014 16:37:25 +0000http://lodgingmagazine.com/?p=9094CHICAGO—Hyatt Hotels Corporation and New Horizons Hospitality announced the opening of Hyatt Place Houston/The Woodlands, the third Hyatt Place in the Houston area. “The Woodlands is a fast-growing Houston suburb with a diverse resident and business base, as well as popular restaurants, attractions, and entertainment venues,” said Elias Contreras, general manager of the hotel. “No matter why guests are visiting the area, we are confident the Hyatt Place Houston/The Woodlands will exceed their expectations and ...

]]>CHICAGO—Hyatt Hotels Corporation and New Horizons Hospitality announced the opening of Hyatt Place Houston/The Woodlands, the third Hyatt Place in the Houston area.

“The Woodlands is a fast-growing Houston suburb with a diverse resident and business base, as well as popular restaurants, attractions, and entertainment venues,” said Elias Contreras, general manager of the hotel. “No matter why guests are visiting the area, we are confident the Hyatt Place Houston/The Woodlands will exceed their expectations and provide them with everything they need for their multitasking lifestyles while they are away from home.”

The Woodlands is home to the Cynthia Woods Mitchell Pavilion, Woodlands Mall, Market Street, Woodlands Waterway, as well as several corporate campuses.

“As The Woodlands continues to grow and thrive economically, we are excited to add to the community’s momentum by teaming up with Hyatt to bring the first Hyatt Place hotel to the area,” said Aly Valiani, vice president, New Horizons Hospitality. “Whether we are welcoming business or leisure travelers, we know that our guests will appreciate the comfortable and functional amenities offered at Hyatt Place Houston/The Woodlands.”

]]>http://lodgingmagazine.com/hyatt-place-opens-third-houston-area-hotel/feed/01,000-Room Marriott Marquis Planned for Houstonhttp://lodgingmagazine.com/1000-room-marriott-marquis-planned-for-houston/
http://lodgingmagazine.com/1000-room-marriott-marquis-planned-for-houston/#respondThu, 19 Dec 2013 16:51:37 +0000http://lodgingmagazine.com/?p=8753Bethesda, Md.—RIDA Development Corporation in conjunction with the Houston First Corporation will develop a 1,000-room Marriott Marquis in the heart of Houston. The hotel, which will have over 100,000 square feet of meeting space, will be across the street and connected via skyway to the Houston Convention Center. It is scheduled to break ground in 2014 and open in 2016. Situated in downtown Houston, the hotel will have direct access to the Discovery Green, CBD ...

]]>Bethesda, Md.—RIDA Development Corporation in conjunction with the Houston First Corporation will develop a 1,000-room Marriott Marquis in the heart of Houston. The hotel, which will have over 100,000 square feet of meeting space, will be across the street and connected via skyway to the Houston Convention Center. It is scheduled to break ground in 2014 and open in 2016.

Situated in downtown Houston, the hotel will have direct access to the Discovery Green, CBD theater district, and the University of Houston. In addition, there will be 20,000 square feet of ground floor retail in the hotel.

The hotel will feature Marriott Hotels’ signature Greatroom lobby, which has been designed with flexible seating for small groups or individuals. The property will have a coffee shop, a sports bar, and two restaurants. Recreational facilities will include a 5,000 square-foot spa with seven treatment rooms, a 5,000 square-foot fitness center, and an outdoor area with an infinity edge pool, a Texas shaped lazy river, and seven event lawns.

“We are thrilled to join RIDA development in bringing the Marriott Marquis to Houston. This 1000-room hotel will add hundreds of jobs and offer other economic benefits to the city,” said Terri Dolan, Marriott’s area vice president, America’s/Western region.

]]>http://lodgingmagazine.com/1000-room-marriott-marquis-planned-for-houston/feed/0Sotherly Hotels Acquires Crowne Plaza Houston Downtownhttp://lodgingmagazine.com/sotherly-hotels-acquires-crowne-plaza-houston-downtown/
http://lodgingmagazine.com/sotherly-hotels-acquires-crowne-plaza-houston-downtown/#respondFri, 15 Nov 2013 14:32:19 +0000http://lodgingmagazine.com/?p=8081WILLIAMSBURG, Va.—Sotherly Hotels announced that the company has acquired the entity which owns the Crowne Plaza Houston Downtown Hotel for $30.65 million in cash and 32,929 units of limited partnership interests in Sotherly Hotels, plus an additional cash amount for the hotel’s working capital as of the closing date. The 259-room, upscale, full-service hotel is located in downtown Houston, Texas. The property will be managed by Chesapeake Hospitality. “We’re pleased to acquire the Crowne Plaza ...

]]>WILLIAMSBURG, Va.—Sotherly Hotels announced that the company has acquired the entity which owns the Crowne Plaza Houston Downtown Hotel for $30.65 million in cash and 32,929 units of limited partnership interests in Sotherly Hotels, plus an additional cash amount for the hotel’s working capital as of the closing date. The 259-room, upscale, full-service hotel is located in downtown Houston, Texas. The property will be managed by Chesapeake Hospitality.

“We’re pleased to acquire the Crowne Plaza Houston Downtown. Houston is the largest MSA in the Southern United States and is one of the top performing hotel markets in the country with a healthy economy and tremendous growth prospects,” said Drew Sims, chief executive officer of the company. “Our predecessor company was involved in the redevelopment of this hotel over a decade ago and we have always hoped to be able to transfer it into the REIT.”

For year-end 2013, the company currently forecasts that the hotel will operate at approximately 72 percent occupancy, with an average daily rate (ADR) of approximately $134.50, room revenue per available room (RevPAR) of approximately $96.80, hotel earnings before interest, taxes, depreciation, and amortization (Hotel EBITDA) of approximately $3.2 million, and net operating income after capital reserves (NOI) of $2.7 million.

Built in 1963 as The Whitehall, the hotel was known as Houston’s iconic business hotel. In the late 1990’s the hotel underwent a $25 million redevelopment project and reopened in 2001 as the Crowne Plaza Houston Downtown Hotel.

]]>http://lodgingmagazine.com/sotherly-hotels-acquires-crowne-plaza-houston-downtown/feed/0Bill Gates to Buy Houston Hotelhttp://lodgingmagazine.com/bill-gates-to-buy-houston-hotel/
http://lodgingmagazine.com/bill-gates-to-buy-houston-hotel/#respondWed, 25 Sep 2013 16:18:54 +0000http://lodgingmagazine.com/?p=6253Bill Gates might have built his fortune with Microsoft, but it looks like the billionaire tech-industry icon is in the business of owning hotels as well. According to this article from Culture Map Houston, Gates’ Cascade Investments is buying the Four Seasons Hotel Houston from Maritz, Wolff & Co., which has owned it since 2000. The the 404-room, five-diamond facility will undergo an upgrade when Cascade takes over. Gates’ investment arm is part owner of ...

The the 404-room, five-diamond facility will undergo an upgrade when Cascade takes over. Gates’ investment arm is part owner of Four Seasons Hotels and Resorts, which is owned jointly by long-term shareholders Cascade Investment, Kingdom Holding Company, and Triples Holdings.

Michael Larson, chief investment officer of Cascade Investment stated: “We have great faith in Houston, particularly with its strong role in the global energy business. Likewise, because we are very confident in the new executive leadership at Four Seasons Hotels and Resorts and the exceptional in-place management team at this property, along with the enduring value of the Four Seasons brand, we see a compelling real estate investment opportunity here.”

]]>http://lodgingmagazine.com/bill-gates-to-buy-houston-hotel/feed/0DoubleTree by Hilton and Aimbridge Announce Houston – Greenway Plaza Hotelhttp://lodgingmagazine.com/doubletree-by-hilton-and-aimbridge-announce-houston-greenway-plaza-hotel/
http://lodgingmagazine.com/doubletree-by-hilton-and-aimbridge-announce-houston-greenway-plaza-hotel/#respondFri, 05 Apr 2013 13:05:59 +0000http://2259c436-730c-4b85-8595-dcc9f3994ce4MCLEAN, Va.—Aimbridge Hospitality and DoubleTree by Hilton announced the opening of the DoubleTree by Hilton Houston Greenway Plaza in Houston, Texas, which will soon undergo a $15 million dollar renovation. Formerly a Renaissance, the hotel is owned by Garrison Investment Group and will be managed by Aimbridge Hospitality. The DoubleTree by Hilton represents Aimbridge Hospitality’s fifth transaction with Garrison Investment Group, and the tenth DoubleTree by Hilton branded hotel in the Aimbridge Hospitality portfolio. It ...

]]>MCLEAN, Va.—Aimbridge Hospitality and DoubleTree by Hilton announced the opening of the DoubleTree by Hilton Houston Greenway Plaza in Houston, Texas, which will soon undergo a $15 million dollar renovation. Formerly a Renaissance, the hotel is owned by Garrison Investment Group and will be managed by Aimbridge Hospitality.

The DoubleTree by Hilton represents Aimbridge Hospitality’s fifth transaction with Garrison Investment Group, and the tenth DoubleTree by Hilton branded hotel in the Aimbridge Hospitality portfolio. It also marks the fifth DoubleTree by Hilton in the Houston area.

The 20 story, 388-room property features regional cuisine at the full-service restaurant Bistro 59, more than 26,000 square feet of event space, and an outdoor heated pool. Guests will also enjoy complimentary Wi-Fi in public spaces throughout the property, 24-hour fitness and business centers, and the brand’s signature daily Wake Up DoubleTree breakfast buffet.

“We are looking forward to our continued partnership with Aimbridge Hospitality to further implement DoubleTree by Hilton’s exemplary CARE culture,” said John Greenleaf, global head – DoubleTree by Hilton. “Our guests are accustomed to a high standard of excellence and we pride ourselves in fulfilling their every need. This distinguished level of CARE is embodied by the warm chocolate chip cookie welcome we offer guests upon check-in.”

The hotel will undergo a $15 million renovation beginning this summer, with updates and improvements being made to the property’s public space, meeting space and guest rooms.

“The DoubleTree by Hilton Houston Greenway Plaza is a well-regarded hotel in an excellent location, and we are proud to strengthen our relationship with Garrison and DoubleTree by Hilton,” said Dave Johnson, CEO of Aimbridge Hospitality.

]]>http://lodgingmagazine.com/doubletree-by-hilton-and-aimbridge-announce-houston-greenway-plaza-hotel/feed/0RLJ Lodging Trust Acquires Downtown Houston Hotelshttp://lodgingmagazine.com/rlj-lodging-trust-acquires-downtown-houston-hotels/
http://lodgingmagazine.com/rlj-lodging-trust-acquires-downtown-houston-hotels/#respondThu, 21 Mar 2013 13:50:40 +0000http://7f9597df-96a9-433b-b074-194db76e474aBETHESDA, Md.—RLJ Lodging Trust announced that it acquired the historic Humble Oil Building complex in downtown Houston, for a purchase price of $79.5 million, or approximately $151,000 per key. The Humble Oil Building is a three-tower complex that occupies an entire city block in downtown Houston. The complex consists of an 82-unit apartment tower that will be converted to a 166-room SpringHill Suites and two existing hotels— the 191-room Courtyard Houston Downtown Convention Center and ...

]]>BETHESDA, Md.—RLJ Lodging Trust announced that it acquired the historic Humble Oil Building complex in downtown Houston, for a purchase price of $79.5 million, or approximately $151,000 per key.

The Humble Oil Building is a three-tower complex that occupies an entire city block in downtown Houston. The complex consists of an 82-unit apartment tower that will be converted to a 166-room SpringHill Suites and two existing hotels— the 191-room Courtyard Houston Downtown Convention Center and the 171-room Residence Inn Houston Downtown Convention Center.

“Our ability to execute this off-market transaction required the expertise, experience, and relationships that are unique to RLJ,” commented Thomas J. Baltimore, Jr., president and chief executive officer. “Acquiring the Humble Oil Building complex represents a value-add opportunity. Both existing hotels have notable upside potential and our extensive experience managing complex renovations will enable us to deliver another conversion property that will help drive economies of scale.”

An estimated $70.0-million renovation of the premises was completed in 2003 that restored several historical features and converted the complex into its present use of two hotels and one apartment tower. RLJ Lodging Trust will leverage its in-house capabilities to convert the existing apartment tower into a high-quality, institutional-grade hotel. The conversion is expected to be completed in mid-2015 and will enable the company to capitalize on design, brand, and operational efficiencies. The Courtyard and the Residence Inn underwent 6-year Marriott “Refresh” renovations in 2010 and 2011, respectively.